Taxpayers who missed the initial deadline have time until December 31, 2024, to file their income tax return (ITR) for FY 2023-24 (AY 2024-25). This date applies to those filing a belated ITR, subject to a penalty of up to Rs 5,000. Additionally, December 31, 2024, is the final date for submitting a revised ITR.
A belated ITR is filed under Section 139(4) of the Income Tax Act. A belated ITR is filed by the taxpayer who has missed the original ITR filing due date. Different categories of taxpayers have different last dates for filing original ITR.
Here’s a breakdown of your options:
- Belated Return:
Deadline: December 31, 2024
Why: If you missed the original deadline (July 31, 2024 for most individuals), you can file a belated return.
- Revised Return:
Deadline: December 31, 2024
Why: If you’ve already filed your ITR but discovered errors or omissions, you can file a revised return to correct them.
Important Note:
- Interest and Penalties: While you can file a belated or revised return, you may be subject to interest and penalties if you’ve missed the original deadline or made significant errors.
•Verification: Ensure that you e-verify your ITR to avoid processing delays.
any taxpayer who has missed the original due date of filing the ITR must file the belated ITR for FY 2023-24 (AY 2024-25) by December 31, 2024.
Penalty for belated ITR filing
A penalty of up to Rs 5,000 applies to filing a belated ITR. A penalty is levied under Section 234F of the Income Tax Act, 1961. Further, penal interest will be applicable if any income tax dues are pending. Penal interest will be levied under Sections 234A, 234B and 234C, depending on the type of income tax dues.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
